The disclosures herein relate generally to financial transactions and more particularly to consolidating and managing personal financial data and information.
The management of personal business includes, for example, checking and savings accounts, loan accounts, life insurance, investments and credit card accounts.
Each of these items are ultimately controlled by an individual but in order to attend to interactive management of these items, the individual is and must be interfaced with financial institutions, i.e. banks, life insurance companies and securities institutions, as well as retailers with banking affiliations and with credit card companies.
As a result, the control and management of these items is accomplished by interactively tracking and communicating with various accounts through interfaces with many external financial associates. These accounts may include any type of asset or liability account. Some of these associates are creditors of the individual and some are not, but are financial asset service providers.
Thus, in order to monitor individual account information, periodic communication with these associates is required. This involves electronically processing each account through various account numbers, pin numbers and other levels of personal financial security.
Therefore, what is needed is a single repository of all such financial information which is accessible electronically for immediate current information with regard to personal financial account status, including both assets and liabilities, and interactively initiating adjustments to these accounts.